Yum update failing on CentOS 5

Symptoms 

 Yum update on CentOS 5 server failed with below errors

# [root@vz yum.repos.d]# yum update
Loaded plugins: fastestmirror, security
Loading mirror speeds from cached hostfile
YumRepo Error: All mirror URLs are not using ftp, http[s] or file.
Eg. Invalid release/repo/arch combination/
removing mirrorlist with no valid mirrors: /var/cache/yum/base/mirrorlist.txt
Error: Cannot find a valid baseurl for repo: base
[root@vz yum.repos.d]#

Cause

 Since the CentOS 5 EOL, the CentOS-Base.repo is invalid now.

Resolution

1. Login to the server via SSH.
2. Rename the /etc/yum.repos.d/CentOS-Base.repo file:

   # mv /etc/yum.repos.d/CentOS-Base.repo{,.orig}

3. Run the below command to create the empty configuration file:

   # touch /etc/yum.repos.d/CentOS-Base.repo

4. Edit the created file using the below command:

   # vi /etc/yum.repos.d/CentOS-Base.repo

   It should look like the one below:

   CONFIG_TEXT: # CentOS-Base.repo
   #
   # The mirror system uses the connecting IP address of the client and the
   # update status of each mirror to pick mirrors that are updated to and
   # geographically close to the client. You should use this for CentOS updates
   # unless you are manually picking other mirrors.
   #
   # If the mirrorlist= does not work for you, as a fall back you can try the
   # remarked out baseurl= line instead.
   #
   #
   [base]
   name=CentOS-$releasever - Base
   mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=os
   baseurl=http://vault.centos.org/5.11/os/x86_64/
   #baseurl=http://mirror.centos.org/centos/$releasever/os/$basearch/
   gpgcheck=1
   gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5
   #released updates
   [updates]
   name=CentOS-$releasever - Updates
   mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=updates
   baseurl=http://vault.centos.org/5.11/updates/x86_64/
   #baseurl=http://mirror.centos.org/centos/$releasever/updates/$basearch/
   gpgcheck=1
   gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5
   #additional packages that may be useful
   [extras]
   name=CentOS-$releasever - Extras
   mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=extras
   baseurl=http://vault.centos.org/5.11/extras/x86_64/
   #baseurl=http://mirror.centos.org/centos/$releasever/extras/$basearch/
   gpgcheck=1
   gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5

5. Run yum update command:

   # yum update